The market for Polyethylene Furanoate (PEF) is expected to grow at a CAGR of over 6% during the forecast period. Major factors driving the market studied are increasing demand of polyethylene furanoate for bottles manufacturing and rising demand from fibers segment. On the flipside, presence of other bioplastics such as bio-PET, bio-PE, bio-PP, etc. and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
- Growing demand for bio-based polymers in medical sector is expected to offer various lucrative opportunities for the growth of market.
- By application, bottles segment is expected to dominate the market owing to the increase in the usage in packaging and bottling applications in food & beverage industry.
- Asia-Pacific region dominated the polyethylene furanoate market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Increasing Demand from Bottles Segment
- Polyethylene furanoate, also named as polyethylene2,5-furandicarboxylate, is a polymer that is produced by polycondensation of ethylene glycol and 2,5-furandicarboxylic acid (FDCA).
- Growing demand of polyethylene furanoate in packaging of beverages such as water, soft drinks, fruit juices and alcoholic beverages is likely to propel the polyethylene furanoate market during the forecast period.
- Additionally, polyethylene furanoate provides high resistance to oxygen and carbon dioxide, thereby preventing food products from being oxidized. This is increasing the demand of polyethylene furanoate in food & beverage industry and consequently boosting its market growth.
- The global food & beverage industry is estimated to reach USD 76,747 million by the end of 2020 and is expected to grow at a CAGR of over 8% during the forecast period and reach USD 105,898 million by 2024. This would create lucrative opportunities for the polyethylene furanoate in bottles segment for packaging applications in food & beverage industry and is anticipated to propel its market in the near future.
- Owing to all the above-mentioned factors for polyethylene furanoate, its market is expected to grow rapidly over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for polyethylene furanoate during the forecast period. In countries like China, India and Japan, owing to the rising demand from various end-user industries including packaging, textile and automotive, the demand for polyethylene furanoate has been increasing in the region.
- The growing trend and awareness of 100% bio-based bottles, films and fibers due to rising environmental concerns is anticipated to propel the polyethylene furanoate market in the region as it is a 100% bio-based recyclable polymer extracted from plants.
- Polyethylene furanoate fibers are recycled from polyethylene furanoate based bottles and are used in processing 100% biobased t-shirts. Apart from t-shirts, these fibers are used in packaging of industrial products like fertilizers, pesticides and cement. They are also used in carpets, clothing and sports apparel. Owing to these factors, the demand of polyethylene furanoate is likely to increase in the region.
- Furthermore, polyethylene furanoate films have superior gas and odor barrier properties and could replace various plastic resins used in packaging applications. This could boost the demand of polyethylene furanoate in the near future and stimulate its market during the forecast period.
- Additionally, the carbonated soft drink industry is rising rapidly and is expected to grow at a CAGR of over 3% in Asia-Pacific during the forecast period. Due to this, the demand for bottles is likely to increase and would boost the polyethylene furanoate market during the forecast period.
- Some of the major companies operating in Asia-Pacific region are - TOYOBO CO., LTD. and Corbion.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for polyethylene furanoate during the forecast period.
The polyethylene furanoate market is highly consolidated with top players accounting for a major share of the market. Some of the key companies in the market include Avantium, TOYOBO CO., LTD., Corbion, AVA Biochem AG, and Swicofil AG.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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1.2 Scope of the Study
4.1.1 Increasing Demand of Polyethylene Furanoate for Bottles Manufacturing
4.1.2 Rising Demand from Fibers Segment
4.2.1 Presence of Substitutes
4.2.2 Unfavourable Conditions Arising Due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.2.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.2.4 South America
18.104.22.168 Rest of South America
5.2.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6.2 Market Share (%)/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 TOYOBO CO., LTD.
6.4.3 AVA Biochem AG
6.4.5 Swicofil AG
7.2 Other Opportunities
A selection of companies mentioned in this report includes:
- TOYOBO CO., LTD.
- AVA Biochem AG
- Swicofil AG